EDUCATION
Three ways to quickly pay down college debt
Student loan debt is a big concern
for today’s newly minted college
graduates. According to an analysis
of government data by Edvisors.
com, a website that provides fi nancial
information about college to students
and parents, the average student in the
class of 2015 will graduate with more
than $35,000 in student debt. That fi gure
is roughly $2,000 more than the
class of 2014 graduates faced upon receiving
As the president of Kingsborough
Community College (KCC),
I want nothing more than to
see all KCC students succeed in
their studies. With this in mind,
I’m aware that there is a silent
epidemic that undercuts their
chances for success. It’s food insecurity.
Students who experience food
insecurity become distracted in
the classroom with their focus
drifting from the day’s lesson to
thoughts of where their next meal
will come from or the stomach
discomfort from hunger pains.
Food insecurity in higher education
institutions is a problem
that has been recognized for some
time, especially in community
colleges where a large portion of
the student body includes adult
learners with young children of
their own. They live on a fixed
incomes and their resources are
limited.
It’s important to know that
food insecurity is not the same
as hunger. According to the Committee
on National Statistics
(CNSTAT), “food insecurity is a
household-level economic and social
Caribbean L 28 ife, July 26–Aug. 1, 2019
condition of limited access to
food, while hunger is an individual
level physiological condition
that may result from food insecurity.”
(USDA ERS, 2014b, p. 2).
Students who are food insecure
have irregular access to
meals. And, when available, the
meals may not be nutritious or affordable.
I’m proud that KCC is able to
assist students experiencing food
insecurity through a campusbased
food pantry that has served
families since 2012. Initially created
to meet the needs of KCC students
and the community following
devastation from Super Storm
Sandy, today, the KCC food pantry
is still an essential resource,
and a part of our Single Stop Office,
where student get connected
to government benefits and resources
like childcare, SNAP,
clothing and transportation. Last
year, the food pantry served 2,818
families – mostly students.
Prior to the pantry, we broke
ground on KCC’s Urban Farm in
2011, in collaboration with Project
EATS, a nonprofit that partnered
with us to produce fresh produce
that’s distributed free to students
and used for select KCC classes.
However, after Super Storm Sandy
in 2012, the nonprofit could no longer
sustain the farm, so Kingsborough’s
Workforce Development
team took over the management
of the Urban Farm. Every Thursday,
we provide free organic
vegetables to Kingsborough students.
We alternate pick up sites
between the farm and the Single
Stop offices, we see roughly about
40 students per week. The distributions
run from June – November,
during our harvest season.
Last year 1,147 students attended
vegetable distribution.
Whether individually or as a
family unit, students experiencing
food insecurity are urged to
ask for assistance. Through our
Single Stop office, we offer comprehensive
supportive services to
ensure students have a successful
college experience and are able to
complete their degree. In addition
to free assistance with SNAP and
WIC benefits screening, students
receive weekly food vouchers for
cafeteria meals, free tax prep, free
financial counseling and free assistance
with financial aid.
KCC is not the Lone Ranger of
combatting food insecurity. Many
other institutions of higher learning
across the country are doing
what they can to help students.
We know that students who don’t
have to worry about food pay better
attention in class, are more
likely to graduate, have higher
self-esteem and go on to obtain career
success.
Dr. Claudia V. Schrader is
president of Kingsborough Community
College (KCC), a 72-acre
academic oasis located in beautiful
Manhattan Beach, Brooklyn.
Kingsborough Community College
is committed to enhancing
learning opportunities for the
Brooklyn community. Visit www.
kbcc.cuny.edu to learn about the
classes, certifications and degree
programs offered at KCC.
EDUCAT I O N PROFI LE
Combating Student Food Insecurity on Campus
their degrees.
With such substantial debts, it’s no
wonder many college graduates fi nd
themselves looking for ways to pay
down that debt as quickly as possible
once they leave campus life behind.
Paying down college debt may seem
daunting at fi rst, but the following are
some ways for recent grads to get out
from under that debt sooner rather
than later:
Pay more than you owe
The best way to reduce the principal
on student loans quickly is to pay more
than you owe each month. Once the repayment
grace period ends, grads will
see what their monthly student loan
payment is. Paying more than that
amount each month can drastically reduce
your repayment period, and you
will pay considerably less in interest
over the life of the loan.
For example, a graduate who owes
$25,000 and pays six percent interest
annually for 10 years will pay roughly
$278 per month to eliminate that loan
in exactly 120 months. Over those 120
months, grads will have paid more
than $8,300 in interest in addition
to their $25,000 principal. However,
grads who pay an additional $50 per
month will pay their loans off nearly
two years earlier and pay nearly $2,000
less in interest over the life of the repayment.
Arrange for automatic
deposits into a repayment
fund
One of the more diffi cult parts of repaying
student loans for recent grads
is setting aside enough money to pay
them off. Upon landing their fi rst professional
jobs, new grads are often
making more money than they’ve ever
earned in the past, and many have no
idea how to manage their newfound fi -
nancial windfalls.
In addition to making your monthly
payments via your everyday checking
account, arrange for automatic deposits
into a savings account you will
exclusively use to repay your student
loans so you are not tempted to spend
that money on more frivolous pursuits.
You won’t miss the money if you never
get used to having it, and you will celebrate
the day the balance in your student
loan savings account matches the
payoff amount on your student loan
balance.
Make plans
Failure to make a plan is one way
to miss the opportunity to pay off your
college debt as quickly as possible.
Make specifi c fi nancial goals, such as
owning your own home in “X” amount
of years or saving money for postgraduate
tuition. Having specifi c goals and
plans in place can provide the motivation
you need to pay down college debt
sooner rather than later.
Student loan debt intimidates
many recent graduates. But those who
stay disciplined can repay their loans
quickly and regain some fi nancial
freedom as a result.
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